H.R. 3978 TRID Improvement Act of 2017

Summary

TRID Improvement Act of 2017 (Sec. 2) This bill specifies that the amount deposited in the Securities and Exchange Commission (SEC) Reserve Fund for FY2018 may not exceed $48 million. TITLE I--TRID IMPROVEMENT (Sec. 101) The bill amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings. TITLE II--PROTECTION OF SOURCE CODE (Sec. 201) The bill amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to specify that the SEC may not compel a person to produce a source code or similar intellectual property without first issuing a subpoena. TITLE III--FOSTERING INNOVATION (Sec. 301) The bill amends the Sarbanes-Oxley Act of 2002 with respect to auditor-attestation requirements for public companies. These requirements shall not apply with respect to any audit report prepared for an issuer that: ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer.

Sponsor and Co-Sponsors

Status

DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to exte

Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

Sep 7, 2017

Reported by the Committee on Financial Services. H. Rept. 115-524.

Jan 25, 2018

Placed on the Union Calendar, Calendar No. 389.

Jan 25, 2018

Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings dur

Feb 13, 2018

Rule H. Res. 736 passed House.

Feb 14, 2018

Considered under the provisions of rule H. Res. 736. (consideration: CR H1155-1169)

Feb 14, 2018

Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2

DEBATE - Pursuant to the provisions of H.Res. 736, the House proceeded with 10 minutes of debate on the Foster amendment No. 1.

Feb 14, 2018

The previous question was ordered on the bill and amendment pursuant to the rule.

Feb 14, 2018

H.Amdt.518 On agreeing to the Foster amendment (A002) Agreed to by voice vote.

Feb 14, 2018

Mr. Capuano moved to recommit with instructions to the Committee on Financial Services. (text: CR H1166)

Feb 14, 2018

DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to exte

Feb 14, 2018

The previous question on the motion to recommit with instructions was ordered without objection.

Feb 14, 2018

On motion to recommit with instructions Failed by the Yeas and Nays: 189 - 228 (Roll no. 76).

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Feb 15, 2018

Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings dur

Feb 13, 2018

Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2

Feb 14, 2018

Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2

Feb 14, 2018

DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to exte

Feb 14, 2018

DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to exte

Feb 14, 2018

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Feb 15, 2018

Rules Committee Resolution H. Res. 736 Reported to House. Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings dur

Feb 13, 2018

Provides for consideration of H.R. 620 and H.R. 3978 under structured rules and H.R. 3299 under a closed rule. Each bill shall be debatable for one hour. The resolution provides for proceedings during the period of February 16, 2018 through February 23, 2

Feb 14, 2018

DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions, pending the reservation of a point of order.The instructions contained in the motion seek to require the bill to be reported back with an amendment to exte